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Castle Trust signs £300m loan deal with Lendable

https://goo.gl/Bv7pLU

One of the fastest growing consumer lending platforms has secured more institutional investment.

Castle Trust Capital has entered into an agreement to invest up to £300m over the next three years in consumer loans originated by marketplace lending platform Lendable.

This agreement is Castle Trust’s second major transaction in the alternative finance space this year. In January, Castle Trust acquired Omni Capital Retail Finance, a technology-led retail point of sale credit provider.

Lendable scored a £100m loan purchasing deal with specialist credit investor Waterfall Asset Management earlier in 2017. This helped it pass its own mile-stone of £100m in cumulative lending earlier this month, according to AltFi Data.

The platform says it has developed proprietary underwriting technology that enables instant decisions and competitive pricing on small consumer loans.

Sean Oldfield, founder and CEO of Castle Trust, said: "Castle Trust is excited to partner with Lendable as they grow their footprint in the UK consumer lending space. Following extensive review of the market we concluded that Lendable’s focus on machine learning and innovative distribution channels was consistent with the approach taken on our own originations to generate maximum value for customers and capital providers. We continue to seek further investments in the rapidly evolving alternative finance market.”

Martin Kissinger, founder and CEO of Lendable, said: “I’m pleased that another large institution is coming on-board at Lendable and joining our marketplace of institutional and private investors. Our loans have consistently delivered market-leading risk-adjusted returns, and Castle Trust’s engagement allows us to further grow our lending portfolio in 2018 and beyond.”

11th December 2017Karen G. Mills

8th December 2017Ryan Weeks

7th December 2017Emily Nicolle

About AltFi

Altfi provides market-leading news, insights and data on the rapidly growing alternative finance and fintech world. Our core focus is on alternative lenders, including both peer-to-peer/marketplace lenders and direct lenders as well as investment in alternative credit, equity crowdfunding, challenger banks and robo-advice. In addition, AltFi runs major industry conferences and seminars globally, and our sister company AltFi Data is widely regarded as the premier source of institution-grade analytics for alternative finance.